The auctions of France and Spaih have supported well the EUR rising and now we are trading @ 1.2960. However downside will begin soon as another downgrade of S&P expected, this time for Italy, Spain and Portugal. After the several unsuccessful tries to break the 1.26, we have a correction move which may extend even to 1.3120 if we are able to close the week above 1.30 (i doubt about that) Now in the moment it's difficult to tell you where to enter - but enter SHORT @ 1.31 (if reached) or may try to enter SHORT near 1.3020. Upside movement will stop once we close the day below 1.28. But i think this won't happen today. Today is the end of the week so we may see some profit taking. I think we shall have upside then pullback this afternoon during the american session.

GOLD preforms some kind of consolidation at its high levels for the week and it's very difficult to determine its further direction so my advice it to stay out of the market for now, but if you have to trade - any upside may extend to 1700 and any downside may extend to 1635, you have to decide what to do on your own.

Any comments and questions are welcomed.